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The Department of Justice (DOJ) filed an antitrust lawsuit against Visa. The lawsuit alleges that the financial firm holds a monopoly over debit network markets allowing it to charge banks and markets with exorbitant fees that get passed onto consumers and keep rival companies like PayPal and Square from competing on their level. Bloomberg first reported on Monday that the DOJ planned to file an antitrust suit against Visa following a multiyear investigation into Visas business practices starting in 2020. Visa attempted to acquire the fintech startup Plaid with a $5.3 billion bid but the DOJ filed a lawsuit blocking the deal claiming the acquisition would eliminate a competitive threat that challenged Visas powerful control of debit markets. Visa dropped the bid a year later to avoid any further legal entanglements but the DOJ continued investigating Visas business practices. The DOJ alleges in its latest lawsuit that Visas web of exclusionary agreements with banks and businesses helped strengthen its market dominance and smother any potential competitors. Attorney General Merrick Garland said in a statement that Visa unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market. Merchants and banks pass along those costs to customers, either by raising prices or reducing quality or service, the statement reads. As a result, Visas unlawful conduct affects not just the price of one thing but the price of nearly everything. Visa's General Counsel Julie Rottenberg told Engadget in an emailed statement that the DOJ's lawsuit is "meritless" and that they plan to vigorously defend themselves in court. "Today's lawsuit ignores the reality that Visa is just one of many competitors in a debit space that is growing, with entrants who are thriving," Rottenberg said by email. "When businesses and consumers choose Visa, it is because of our secure and reliable network, world-class fraud protection, and the value we provide. We are proud of the payments network we have built, the innovation we advance, and the economic opportunity we enable."This article originally appeared on Engadget at https://www.engadget.com/big-tech/visa-slapped-with-a-doj-antitrust-lawsuit-204710873.html?src=rss
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Marketing and Advertising
Google announced today that the Pixel Watch and Pixel Watch 2 will be getting the new Watch OS 5. The latest operating system will roll out to Pixel Watches currently running Watch OS 3.5 and Watch OS 4 beginning today. Users will see a notification on their device as the update becomes available to them over the next week. The Watch OS 5 update will bring improved camera controls to the older versions of the smartwatch hardware, in addition to adding support for Pixel Recorder and the grid-view app launcher. While early reports said that Watch OS 5 would also be improving battery life, Google didn't specify whether the new operating system will provide a boost to how long these older devices can go before they need a recharge. Google recently released the Pixel Watch 3, which did impress us with its solid battery performance and other upgrades from last year's Pixel Watch 2. It was the first Pixel smartwatch to boast Watch OS 5 after the operating system debuted on the Galaxy Watch 7 and Watch Ultra from Samsung.This article originally appeared on Engadget at https://www.engadget.com/wearables/google-is-bringing-watch-os-5-to-the-pixel-watch-and-pixel-watch-2-200042070.html?src=rss
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Marketing and Advertising
Employees at an Apple Store in Oklahoma City's Penn Square Mall have voted to ratify their first collectively-bargained contract. The store's workers are part of the Communications Workers of America, operating as Apple Retail Union-CWA Local 6016. The employees' three-year agreement with Apple includes the following, according to a press release from CWA: "Wage increases of up to 11.5% over the next three years." "Worker involvement in scheduling and guaranteed paid time off to vote." "A safer and more democratic workplace with a grievance and arbitration process and the establishment of joint Safety and Health and Working Relations committees." "Job protection in the event of a store closure or relocation and severance pay." "Guaranteed paid time off, health and other benefits." Today's news caps off years of preparation to unionize and secure a contract for the Penn Square Mall Apple Store, which began organizing in early 2022. The parties reached a tentative agreement in early September after a unanimous strike authorization vote in August and a store picket. The Oklahoma City employees are the second group of Apple retail workers to reach a contract through their union. An Apple Store in Maryland was the first of the tech company's retail stores to unionize, joining the International Association of Machinists and Aerospace Workers in June 2022.This article originally appeared on Engadget at https://www.engadget.com/big-tech/apple-store-employees-in-oklahoma-city-ratify-their-first-union-contract-190218680.html?src=rss
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